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The fact that it's almost never done doesn't discredit that it will always be possible. Coinbase is also able to operate their business without asking for perm
by phaser 8y ago
The fact that it's almost never done doesn't discredit that it will always be possible.
Coinbase is also able to operate their business without asking for permission thus censorship-resistant in contrast to the experience of trying to start a bank from scratch
- will_brown 8y ago>Coinbase is also able to operate their business without asking for permission That’s not true in the slightest. Coinbase has all sorts of licenses (permissions to operate) without which they would be shut down for multiple violations of law from money transmitter business violations to Broker/dealer issues. Look at all the Coinbase customer dissatisfaction (accounts missing, funds never deposited, transaction didn’t go through) there would be plenty room for competitors except for the barrier to entry (permissions/licenses required). Not to mention Coinbase complies with KYC laws and as a result turns over said customer data to the IRS as part of its ongoing compliance to keep its permission (licenses in goodstanding) to operate.
- belltaco 8y agoIt's possible via fiat too, by using cash.